The U.S. Securities and Exchange Commission has once again delayed its decision on the Canary PENGU spot ETF, with a new final deadline set for March 11. This is the second 60-day extension since September. The market reaction was less than ideal—PENGU tokens dropped 6% in response, with the current price at $0.0119. Trading activity also noticeably declined, with 24-hour trading volume down 36%. The futures market is also under pressure, with open interest decreasing slightly by 2 percentage points, currently standing at $112.32 million. The repeated delays in ETF approval inevitably raise concerns among investors about regulatory attitudes.